If the Quantity Supplied Exceeds the Quantity Demanded, Then There

question 408

Multiple Choice

If the quantity supplied exceeds the quantity demanded, then there is

• A) a shortage and the price is below the equilibrium price.
• B) a shortage and the price is above the equilibrium price.
• C) a surplus and the price is below the equilibrium price.
• D) a surplus and the price is above the equilibrium price.

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Definitions:

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Vignette

A brief, evocative description, account, or episode, often used in literature and research to illustrate a particular point.

Irresponsible

Showing a lack of accountability or care for the consequences of one's actions.

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A societal framework in which individuals prioritize the needs and goals of the group over personal desires or ambitions.